Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc., originated refinancing loans totaling $32 million for its conduit. Prudential provided QS Marketplace LP with a $29 million, 10-year loan that has a 5.81% interest rate and amortizes over 30 years. Prudential also funded a $3-million, 10-year mezzanine loan to the partnership for which an interest rate was not released.
Built between 1998 and 2003, Quail Springs Marketplace is 95% occupied. Anchor tenants include The Gap/Old Navy, Office Depot, Ultimate Electronics, Michael's, Petsmart, Ross Dress for Less and Just for Feet.
The city retail market includes about 190 retail centers containing more than 22 million sf of space. Average occupancy is in the 90% range.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
